- growth forecast cut;
- tapering continues;
- the Fed wouldn't raise interest rates until 2015
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Trading at new 52-week highs: APA, BP, BCEI, CSX, CVX, COP, DVN, ECA, ERF, Floteck, Genesee & Wyoming, KOG, NRG, NFX, SD, SRE, TPLM, WLL.
SRE: surged. That's a surprise. Oh, that's right. I forgot to post this this other day. Zack's is reporting:
SRE announced that its Mexican unit Infraestructura Energetica Nova SAB (IEnova) has received a loan worth $270 million. The company will utilize the fund for the completion of the first phase of its wind energy generation project called Energia Sierra Juarez.KOG: goes over $14. Up almost 4% today.
IEnova is engaged in the construction and operation of energy infrastructure in Mexico. It is the only energy company in the country, which is publicly traded. The company has two segments – Gas and Electricity. In 2013, IEnova invested $2.4 billion in natural gas distribution, transportation and storage and electricity generation projects. Currently, the company is spending around $1.8 billion in new energy infrastructure ventures.
The 155-megawatts ESJ wind project is located in the Municipality of Tecate, Baja California, Mexico. The $300 million project is jointly owned by IEnova and InterGen. It is the first cross-border wind generation project between the U.S. and Mexico. The company has used 47 units of 3.3-MW Vestas turbines in the project, which is expected to start commercial operations in the first half of 2015.
The output from the ESJ project will be purchased by Sempra Energy’s subsidiary San Diego Gas and Electric Company under a 20-year power purchase agreement. Inking long-term contracts will ensure IEnova a steady cash inflow, which will support it to repay its loan on time.
The Market: earlier today most everything was red, some green. Everything has turned green. The market surges almost 100 points after Yellen speaks.
Phillips 66 Acquires New Storage Terminal Along The Gulf
I can't recall if I've previously posted this, another exciting energy story, Motley Fool is reporting:
Earlier this month, Phillips 66 announced the acquisition of a Gulf Coast terminal facility to little fanfare. The company didn't even disclose the price of the terminal that it purchased from Chevron.
This is just another quiet step the company is taking to profit from increased American energy exports by following in the footsteps of leading exporters such as Enterprise Products Partners.
Phillips 66 is acquiring Chevron's Beaumont Terminal complex near Beaumont, Texas. The terminal has 7.1 million barrels of storage capacity that encompasses 4.7 million barrels of crude-oil capacity and 2.4 million barrels of refined products capacity.
Most noteworthy, the facility has deepwater access via two marine docks capable of handling Aframax tankers and one large barge dock. It also has rail and truck loading and unloading facilities, as well as access to major crude oil and refined product pipelines.
The company noted that the facility is strategically positioned for the increased movement of North American crude oil into the Gulf Coast, as well as for the growth in refined product exports. Furthermore, Phillips 66 pointed out that the asset has significant expansion potential. Bottom line here is this site is perfectly positioned for the export market.Much more at the link.
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Meanwhile, President Obama Has Drawn A Red Line Against Global Warming
I can't make this up. Over at IceAgeNow:
On June 14 he gave a commencement speech to graduates of the University of California at Irvine, using it to tell Big Fat Lies, not the least of which was that the Earth’s temperatures were rising when in fact they have been falling for nearly eighteen years.
It is an endless source of wonder to me that no part of the mainstream media disputes him when he says things like this. For years now they have been reporting the evidence of increasingly cold weather worldwide.
On the same day the President was lying about warming, eight inches of snow fell in Rize, Turkey. It has fallen as well in South Africa, Norway, Sweden, Finland and Russia while closer to home snow fell on several cities in Idaho with cold freezes extending into Oregon. In June!
Obama used the speech to demand that politicians take steps to acknowledge climate change which used to be called global warming until it became undeniable to everyone except the charlatans lining their pockets with utterly bogus “research” that underwrites the source of the lies, the United Nations Intergovernmental Panel on Climate Change (IPCC).UC Irvine. Really?
Thank you. I can't recall when I last looked at a WLL presentation; WLL has a history of some of the best corporate presentations.
ReplyDeleteI mentioned WLL and coiled tube fracking on May 9, 2014:
http://themilliondollarway.blogspot.com/2014/05/coiled-tube-fracking.html
At that posting I wrote: "Coiled Tube fracking became a "big deal" when it was discussed at length in Whiting's 1Q14 earnings conference call. "